Bitcoin Price Pull Back - Whale Clusters Increasing Their Holdings.
2021-07-05 | Eddy Morgan

Wealthy investors look to be making a comeback into the Bitcoin [
BTC] market, a blockchain metric that warned of a price
drop by early May reveals.
The number of coins held by whale entities - clusters of addresses managed by
one network participant holding 1k to 10k BTC – rose by over 80k to 4.216 Mln BTC earlier on Friday, hitting
the very best level since May.
The tally remained largely unchanged earlier on Saturday,
consistent with data provided by Glassnode.
The number of whale entities has also jumped to a 3-week high of 1,922.
The renewed accumulation by whale entities
is optimistic news for the market, as these wealthy investors played
a big role in powering bitcoin higher from $10k
to just around $60k within the 5 months to February 2021.
The balance held by whale entities rose in tandem with
the worth during the
Bull Run, hitting a record high of 4.542 Mln on 8
th Feb.

Whales became sellers
within the subsequent months, taking the wind out of the
Bull Run, and by early May, their bitcoin stash had dropped by 8% to 4.17 Mln BTC.
Bitcoin mostly remained coiled
within the range of $50k to $60k within that period, barring
a quick spike to a record high of $64,801 USD in mid-April.
The price action highlighted
the lack of smaller investors
to undergo the
rich lifting and signaled the potential for a notable price correction. Bitcoin fell by 35% earlier in May, hitting lows near $30k, and dipped further to $29,031 USD in June, per
CoinMarketCap data.
The latest uptick
within the whale balance suggests
rock bottom may have already been touched.
The cryptocurrency is trading near $35.5k at the reporting time, representing a +2.3% gain for the day.
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